Assisting "Small Entity" Credit Unions Keep their Doors Open

FedComp accepts the challenge once again to keep "small entity" Credit Unions from being swallowed up by the big boys and ceasing to exist.

Jan 22, 2016, 11:18 ET from FedComp

FAIRFAX, Va., Jan. 22, 2016 /PRNewswire/ -- Three years ago on January 17, 2013 Credit Union Times carried a story entitled "FedComp Keeps Light on for Small Credit Union."

And now, again FedComp is showing "small entity" credit unions how to "keep their doors open" by providing a cost efficient solution to entry to the mobile financial age with its visionary Mobility Suite of Solutions.

This set of suites, from entry to advance, allows credit unions to choose the type of member services they wish to offer; from the "Mobile Data Solution" entry suite to the full range of the services found in the "Mobile Business Solution" suite.

The first two entry Suites, "Mobile Data" and "Mobile Banking," includes security features that are "Best-In-Class" and will stand with the billion dollar financial institutions. FedComp's data security even meets the new FFIEC requirements (November 10, 2015), which some larger financial institutions have yet to deploy.

In the 4th quarter of 2015, FedComp completed moving all of its hosted credit unions to OGO's Community Cloud Platform (a CUSO). This has enabled FedComp to offer the Mobile Data Solutions as a cost effective data storage system utilizing the advantages of a cloud platform. FedComp is able to provide its hosted clients a full range of security services, including:

  • State-of-the-art IT resources with end-to-end security
  • Offsite data security
  • Data redundancy
  • Anywhere any time 24/7 disaster recovery
  • NCUA compliance reporting

When a credit union is hosted with FedComp they no longer need to be concerned about onsite hardware security, contingency, or NCUA audits as FedComp can provide fully compliant reports for each individual credit union.

FedComp's new Mobility Suite of Solutions is scalable, offsite, and is auditable. Each individual credit union data set is isolated specific, either logically or virtually, within the cloud platform and is locked down to meet SSAE 16, SOS 2, NCUA and other data security standards.

Another benefit given to credit unions when they are users of FedComp's Mobility Suite of Solutions offered by MoadBus is the ability to offer a Mobile Banking app to their members equal to apps by large Wall Street banks. FedComp's mobile banking app, is an integrated part of its core data system, not an add-on. FedComp is offering its credit union "World-Class" security in its Mobile Banking app. The app incorporate advanced user authentication, devise and transaction verification (one-time password (OTP), voice, facial recognition and finger print) and provides end-to-end security using multi-layer encryption.

As noted by FedComp's CEO, Mr. Duff, in 2013, "FedComp can help credit unions stay on the cutting edge of technology." The Mobility Suite of Solutions is the application of today's cutting edge cloud-hosted mobile technology to assist "small entity" credit unions in meeting the challengers of survival in the current environment of greater and greater competition and regulations.  The Mobility Suites of Solutions was designed to allow the credit unions to "pay-as-needed" for the features they desire. It is intended to assist the credit union's CEO to better utilize their limited resources by assigning certain tasks to FedComp rather than handling them in-house. When a credit union is relieved of regulatory and back-office administrative tasks they can provide better service to their members resulting in market growth, creating new revenues.

Once again as it has for the last 30 years, FedComp is supporting its 750 plus clients and the "small entity" credit unions in general to keep their lights on and doors open.

Learn more about FedComp's Platinum Data Processor @ www.fedcomp.com

SOURCE FedComp



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